An economic crisis is a context in which economic activity records a sharp and sudden decline compared to its usual level. It may extend to several sectors of activity and over several years depending on its extent, leading to difficulties in the operation of companies and, moreover, to more or less massive layoffs.
For example :
the financial crisis of 2008, the bankruptcy of the American bank Lehman Brothers, which was led by subprime mortgages
the economic crisis of 2020, the collapse of global economic activity following the rapid spread of the coronavirus epidemic.
CJEA
